APR Heads To The Block March 16

Colombian steelmaker Acerías Paz del Río (APR) is to be auctioned by the government via the Colombian Stock Exchange on March 16, according to local media reports. Last year the government, together with other shareholders, set a minimum price of $185 million (425.9 billion pesos) for the controlling interest (52%) in the steel producer. APR, which is the only integrated steelmaker in Colombia, has been in receivership since 2003. Those interested in buying the company include Arcelor Mittal, Brazil’s CSN, Votorantim and Argentina’s Techint. Brazil’s Gerdau was excluded from bidding earlier this year by trade and industry regulator SIC because of monopoly concerns. The company, which is currently Colombia’s largest steelmaker, can participate in the auction if it sells some of its local assets. Local investment bank Latinvestco is handling the sale.